Company Briefs: Stamford Tyres

Tyre and wheel distributor Stamford Tyres reiterated that the operating environment will continue to be challenging as a result of the uncertain global economic outlook.
Tyre and wheel distributor Stamford Tyres reiterated that the operating environment will continue to be challenging as a result of the uncertain global economic outlook.PHOTO: LIANHE WANBAO

Stamford Tyres

Tyre and wheel distributor Stamford Tyres reported second-quarter net profit of just $19,000, a near 99 per cent year-on-year plunge from $1.62 million in FY2018, due to higher costs.

This was despite second-quarter revenue rising 7.94 per cent to $63.72 million, on the back of new sales in North Asia.

Earnings per share fell to 0.01 Singapore cent from 0.69 Singapore cent a year ago.

Total expenditure increased 10.26 per cent to $64.55 million owing partly to the higher cost of goods sold and increased spending on marketing and distribution.

The mainboard-listed firm reiterated that the operating environment will continue to be challenging as a result of the uncertain global economic outlook.

No dividend has been declared for the period.


AsiaYo

Taiwan-based vacation rental start-up AsiaYo has raised US$7 million (S$9.6 million) in Series B funding that will be used to expand regionally, including its Singapore and Malaysia operations next year.

The fund-raising was led by Alibaba Taiwan Entrepreneurs Fund and Taiwan's China Development Financial, with United States-based Darwin Ventures and Israel's Delta Ventures among the other investors, according to AsiaYo on Wednesday.

The four-year-old start-up plans to beef up its product development and add to its headcount of roughly 100 employees, with a focus on recruiting younger staff.

Mr Andrew Lee, executive director of the Alibaba Taiwan Entrepreneurs Fund, said his firm is already working with AsiaYo "to further develop technological capabilities in the travel industry". Overseas bookings now make up about 60 per cent of its business, AsiaYo noted.

Besides Taiwan, AsiaYo also lists rental properties in Japan, South Korea, Hong Kong and Thailand.

AsiaYo chief executive and founder Cheng Chao-Kang said "this latest round of funding will help us to realise our international ambitions as we expand across the region".

A version of this article appeared in the print edition of The Straits Times on December 07, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe